Kingstone Stock Price, News & Analysis

Kingstone Companies, Inc. (NASDAQ: KINS) will announce its First Quarter 2023 financial results on May 11, 2023, after market close. A conference call for analysts and investors is scheduled for May 12, 2023, at 8:30 a.m. Eastern Time. Domestic callers can access the call at 877-407-3105 while international callers can dial 201-493-6794. The call will also be available via a webcast, accessible through a provided link. The archived webcast will be available for approximately 30 days. Kingstone operates primarily through its subsidiary, Kingstone Insurance Company, which offers personal lines insurance in several states including New York and New Jersey.

Kingstone Companies (KINS) reported financial results for Q4 and fiscal year 2022, revealing a loss per share of $(0.37) compared to a profit of $0.21 in Q4 2021. The net operating loss per share was $(0.36), driven by $0.13 losses from Winter Storm Elliot. Total direct written premiums increased by 7.7% to $53.9 million, while net premiums earned fell 17.8% to $30.4 million. For the year, the loss per share was $(2.12), and book value dropped 53.2% to $3.38. Despite these challenges, management highlights a strategic plan aimed at improving profitability in 2023.

Kingstone Companies, Inc. (Nasdaq: KINS) has announced significant governance changes to its Board of Directors aimed at enhancing shareholder value. Effective March 8, 2023, Timothy McFadden has been appointed as Lead Independent Director, bringing over 30 years of insurance experience. The Board established a new Corporate Sustainability and Risk Management Committee to address critical issues like cybersecurity and talent development, chaired by McFadden. Additionally, the Compensation and Finance Committees were merged to form a new committee. These changes reflect Kingstone's commitment to strong governance practices to support long-term growth.

Kingstone Companies, Inc. (NASDAQ: KINS) has entered into an Agreement with its largest individual shareholder, Gregory Fortunoff, who will join the Board of Directors as an Observer starting March 6, 2023. Fortunoff, who owns over 9% of the company's shares, will participate in Board meetings without voting rights. This move aims to enhance shareholder value amidst ongoing economic challenges. Tim McFadden, a Board member, expressed optimism about Fortunoff's contribution, emphasizing the Board's commitment to sustainable growth. The full Agreement will be submitted on Form 8-K to the SEC.

Kingstone Companies, Inc. (Nasdaq: KINS) announced that its subsidiary, Kingstone Insurance Company, estimates net pre-tax catastrophe losses of $3.66 million for Q4 2022. These losses, primarily due to Winter Storm Elliott, significantly impacted the Northeast, including New York. Despite this, Kingstone achieved a milestone in 2022 with direct written premiums exceeding $200 million for the first time, indicating progress towards profitability. Kingstone will release its 2022 financial results on March 30, 2023, with a conference call scheduled for March 31, 2023.

Kingstone Companies, Inc. (NASDAQ: KINS) announced a conference call to discuss its 2022 Fourth Quarter and Full Year financial results on March 31, 2023, at 8:30 a.m. ET. The earnings announcement will be released after market close on March 30. The call will be accessible via a domestic line at 877-407-3105 and internationally at 201-493-6794. Additionally, a webcast of the conference call will be available online. Kingstone is a regional property and casualty insurance company primarily operating in the Northeast, focusing on personal lines insurance products.